Corporate Social Responsibility disclosure and market value: The mediating role of investor attention

Jiaqi Guo, Changhong Li and Wenting Jiao

Finance Research Letters, 2024, vol. 67, issue PA

Abstract: Corporate Social Responsibility (CSR) represents a strategic investment, where companies allocate resources to earn stakeholder recognition, and thus facilitating resource exchanges. It is significant to understand the mechanisms that CSR enhance organizational performance by effectively signaling to stakeholders. This paper investigates the effects of CSR disclosure on the market value using Chinese 1001 publicly listed firms from 2011 to 2022. Our empirical results demonstrate that CSR disclosure positively impacts family firms’ market value, in contrast to its negative effects on non-family firms’ market value. Furthermore, the mechanism test shows investor attention mediate the relationship between CSR disclosures and market value.

Keywords: Corporate social responsibility; Market value; Investor attention; Family firms (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:67:y:2024:i:pa:s1544612324008936

DOI: 10.1016/j.frl.2024.105863

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